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No more BS - What have you learned?

  • #721
  • Oct 31, 2012 10:23pm Oct 31, 2012 10:23pm
Amazed at how many people trade the markets without understanding what make markets move.
I guess there has to be losers for the markets to function.
  • #722
  • Nov 1, 2012 2:53am Nov 1, 2012 2:53am
Quoting Slim Buffett
That much I understand.



And maybe that I need to understand.



I'm not a big believer in the "broker's out to get you" theory. If you f**k up then you do. No big deal. Live to get over it.

I would like to think that I can take full responsibility for the stupid shit that I can do.
you may be right about the brokers, but shorter timeframes you go, more you exposed and you will not be told.

this are my experiences, you may be different.

Oh, yes also, do not try to change yourself to something that you are not in order to win. Much better recognise who you are and adopt system once you figure out why markets move. example, if you hate losers go for best setups only, if you hate drawdowns in a trade have narrower stops, etc. Every way will work until you figure out underlyings.
  • #723
  • Nov 1, 2012 4:16am Nov 1, 2012 4:16am
Quoting Slim Buffett
That much I understand.

And maybe that I need to understand.

I'm not a big believer in the "broker's out to get you" theory. If you f**k up then you do. No big deal. Live to get over it.

I would like to think that I can take full responsibility for the stupid shit that I can do.
The reality is there are brokers out there who are known as 'dealing desk' or 'market makers'. Basically, they take the opposite of your trade positions. So if you lose, they will win. If you win, they will lose.

If you are serious about trading the market, first priority is to get a reputable broker that practices Straight-Through-Processing (STP). STP brokers do not trade against you. They passed your trade positions directly to the liquidity providers, which are the banks.

Do tonnes of research to those who want to get started. Better safe than sorry.
FXPRIMUS trader
  • #724
  • Nov 1, 2012 4:46am Nov 1, 2012 4:46am
Quoting ZexyLady
The reality is there are brokers out there who are known as 'dealing desk' or 'market makers'. Basically, they take the opposite of your trade positions. So if you lose, they will win. If you win, they will lose.

If you are serious about trading the market, first priority is to get a reputable broker that practices Straight-Through-Processing (STP). STP brokers do not trade against you. They passed your trade positions directly to the liquidity providers, which are the banks.

Do tonnes of research to those who want to get started. Better safe...
the spooky brokers tale ....I still don't buy it. What is to keep you from arbitraging them, give them bait they quote you hit them when price is out of sync....there are many sources you can get live price feeds out there that surely they will get popped in the head for such practices.
AVT INVENIAM VIAM AVT FACIAM
  • #725
  • Nov 1, 2012 5:20am Nov 1, 2012 5:20am
I agree with you redlion, I think that having positions that pay positive interest gives you some kind of edge. If you are not overleveraged you can keep losing positions overnight being paid to do so and while you wait for your positions to be profitable.

Time becomes your ally not your enemy.


Quoting the redlion
I have learned to be aware of roll over rates.....
if you are speculating short term they usually have little impact or as much impact as your position size.

if you are trying to exploit a longer term macro environment best to understand correlation coefficients of currencies
beta viz a viz your bench mark (USDX or Eur/Usd) and take the standard deviation of currencies you are holding then figure out the monthly expected deviation in relation to your account size for a measure of risk.

why pay to speculate (neg roll over rate) when you can get...
Simplicity is the Ultimate Sophistication.
  • #726
  • Nov 2, 2012 2:54am Nov 2, 2012 2:54am
I am the new one... But I have learned already that I don't know anything and will never know everything. Even studing market in college, reading a bunch of books and trading for years will give you only the peak of iceberg... That's sad, but true... doesn't mean that learning is meaningless, hat just encourages me to learn more and more
  • #727
  • Nov 2, 2012 4:30am Nov 2, 2012 4:30am
Quoting meng88
I am the new one... But I have learned already that I don't know anything and will never know everything. Even studing market in college, reading a bunch of books and trading for years will give you only the peak of iceberg... That's sad, but true... doesn't mean that learning is meaningless, hat just encourages me to learn more and more
That's why the Chinese will always say that the real world is the actual public university.

Don't give up learning, there are books, webinars, seminars and most importantly, life experience. I prefer the most cost effective ones
FXPRIMUS trader
  • #728
  • Nov 2, 2012 8:03am Nov 2, 2012 8:03am
Quoting the redlion
the spooky brokers tale ....I still don't buy it. What is to keep you from arbitraging them, give them bait they quote you hit them when price is out of sync....there are many sources you can get live price feeds out there that surely they will get popped in the head for such practices.

what if broker platform freezes just seconds before you signal is due and comes back when price is already too far?
or buy stop just not triggered ?

this was with one of most hyped brokers on ff.
  • #729
  • Nov 3, 2012 6:19am Nov 3, 2012 6:19am
I found that filtering out what works and what doesn't work stuff to stay away from crucial in my development as a trader.

Those that say stay away from using this and this is usually the opposite I have found and works.
Find your Favourite Pattern
  • #730
  • Nov 3, 2012 9:51am Nov 3, 2012 9:51am
The majority of material/indicators/strategies available to novice traders are poisonous. Make sure you keep your guard up.
  • #731
  • Nov 3, 2012 12:12pm Nov 3, 2012 12:12pm
so the bank isn't taking the other side of your trade? how is this better? if its a large multinational, they would have more market moving power than some retail OTC broker, no?


Quoting ZexyLady
The reality is there are brokers out there who are known as 'dealing desk' or 'market makers'. Basically, they take the opposite of your trade positions. So if you lose, they will win. If you win, they will lose.

If you are serious about trading the market, first priority is to get a reputable broker that practices Straight-Through-Processing (STP). STP brokers do not trade against you. They passed your trade positions directly to the liquidity providers, which are the banks.

Do tonnes of research to those who want to get started. Better safe...
  • #732
  • Nov 3, 2012 4:37pm Nov 3, 2012 4:37pm
Instead of calling yourself a "trader"...Maybe you should call yourself a "risk manager" You will be around a lot longer,,,,
  • #733
  • Nov 3, 2012 5:05pm Nov 3, 2012 5:05pm
I have learned... nothing....
Kill the ego, or it will kill the mission.
  • #734
  • Nov 3, 2012 5:16pm Nov 3, 2012 5:16pm
Seriously, I have a few nuggets which seem to help me out. They are:

Keep it simple
There is no substitute for being right
Never play with money you can't afford to lose
Manage your leverage (ie don't use that much of it)
Be honest with yourself
Try to understand before you criticize
Hard work pays off
Wishful thinking does not pay off
Trading is a 10 year marathon
Seek out people who know more than you
Have fun
Always focus on getting paid
Get to know the guys that are on the right side of a trade (that you are on the wrong side of)
Always know what you are looking for
Kill the ego, or it will kill the mission.
  • #735
  • Nov 3, 2012 7:49pm Nov 3, 2012 7:49pm
Quoting AaronWard
Seriously, I have a few nuggets which seem to help me out. They are:

Keep it simple
There is no substitute for being right
Never play with money you can't afford to lose
Manage your leverage (ie don't use that much of it)
Be honest with yourself
Try to understand before you criticize
Hard work pays off
Wishful thinking does not pay off
Trading is a 10 year marathon
Seek out people who know more than you
Have fun
Always focus on getting paid
Get to know the guys that are on the right side of a trade (that you are on the wrong side...


I would give you a vouch but I think I already did a while back.
nice to see you around again.
AVT INVENIAM VIAM AVT FACIAM
  • #736
  • Nov 3, 2012 8:24pm Nov 3, 2012 8:24pm
The best thing I have learned and this is no BS !

Keep away from this forum. Thats the cold hard facts..

So with that.

Adios
Markets are Mirrors,,Mastery of craft is mastery of self
  • #737
  • Nov 3, 2012 8:30pm Nov 3, 2012 8:30pm
Quoting bluesteele

Adios
Goodbye blue

I'm not sure who will miss you but someone will.
When the Joker is in the deck.. fear not and play it well
  • #738
  • Nov 3, 2012 8:44pm Nov 3, 2012 8:44pm
Quoting the redlion


I would give you a vouch but I think I already did a while back.
nice to see you around again.
Hi Red, I am trading as much as before, but don't have time to post. how are tricks?
Kill the ego, or it will kill the mission.
  • #739
  • Nov 4, 2012 3:02am Nov 4, 2012 3:02am
Quoting bluesteele
The best thing I have learned and this is no BS !

Keep away from this forum. Thats the cold hard facts..

So with that.

Adios
There is some truth in that. It can be quite a distracting and un productive place if you get into the "rut" of it.

Good luck BS (<<<< lol?)


Would just like to thank those above for their comments.... It has been interesting reading.
Time hides Nothing
  • #740
  • Nov 4, 2012 6:44am Nov 4, 2012 6:44am
I have learned however the market works I will let it teach me to trade rather than me viewing the market like so and so.

The student doesn't teach the teacher. Let the teacher teach the student.
Find your Favourite Pattern
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